Extremely Low Vacancy Lures Buyers At Varsity

Gold Coast based developer and builder Alder Constructions has capitalised on Varsity Lakes' tightening vacancy rates by bringing forward the release of stage two of its $55 million waterfront Aura community.

Aura will ultimately comprise 120 apartments across four towers interconnected by resort facilities including two pools, BBQ, Gym, Sauna and entertainment spaces. Stage one, which comprises 56 apartments is now complete, with stage two to deliver a further 64 apartments to the area, the majority of which are waterfront.

Colliers International has been appointed to market the development, which is strategically positioned on Lake Orr. According to Colliers National Director of Residential Tony Hymus Alder Constructions decided to bring forward the release of the second stage of Aura on the back of rising sales and very strong rental demand in stage one.

"Rental demand is underpinning the sales success at Aura, with 65 per cent of stage one sales to date made to investors," he said.

"Investors are attracted to the strong Varsity Lakes rental market with a current rental vacancy rate of just 0.5 per cent in the suburb. The growing rental demand is being driven largely by Bond University, well regarded local schools, the central location and access to public transport.

"Within just 8 kilometres there are 20 schools, major shopping centres including Robina Town Centre, the Robina Health Precinct, CBUS Super Stadium, Burleigh Heads Beach, light rail access and established train connections to Brisbane.

Mr Hymus says Alder Constructions has placed 11 apartments on the market for sale as tenanted investments, to meet investor demand.

"The furnished apartments are in high demand from students, yielding 5.86 per cent to 6.16 per cent with the unfurnished apartments yielding up to 5.73 per cent," he said.

"Meanwhile, Alder Constructions is offering investors in stage one a 6 per cent rental guarantee for the first 12 months, however it is anticipated that a majority of these apartments will continue to achieve around 6 per cent beyond this guarantee due to the 0.5 per cent vacancy rate underpinning Varsity Lakes."
Aura stage two features a mix of two and three bedroom apartments starting from $399,000.

Mr Hymus says he anticipates an increase in interest from owner occupiers based on the prime waterfront position of the two new towers.

"Half of the apartments in stage two will front the water with a mix of stunning south easterly and south westerly aspects across the lake to the Burleigh heads skyline and beaches, while the majority of the remaining 32 apartments will boast beautiful water and / or hinterland views," he said.

"Aura has also appealed to owner occupiers due to the size of the apartments, which are up to 20 per cent larger than others being marketed in the immediate area. Those in stage two range from 77sqm to 135sqm, including generous balconies ranging from 11sqm to 25sqm and even larger ground floor terraced areas.

"There will be just four apartments on each level maximising both privacy and security, which has been a big drawcard. The level of finishes in the latest stage has also been upgraded with commercial grade timber-look flooring, stone benchtops, balcony stacker doors and eco-friendly mood lighting."
Residents can enjoy the use of resort style facilities such as a sauna, fully equipped gym, two pools, spa and teppanyaki grills. Each building also features a private roof top terrace and Zen Garden, with views across the Gold Coast Skyline.

With high speed prewired optic fibre for ultra fast internet to every apartment, rooftop solar panelling to cut energy costs and premium technology utilised to ensure sustainability, Aura is designed for a smarter future.

For more information visit the sales office at 33 Lakefront Crescent, Varsity Lakes Monday to Friday between 10.00am and 2.00pm, weekends from 10.00am to 4.00pm or by appointment by phoning 1300 882 206.